ATMs: The Hidden Cost of Convenience [Infographic]

Please follow the link to know more.In India, banks were charging for using other banks ATMs.Then they withdrew it under pressure.Now they have reintroduced it with a fee of Rs 20 per transaction, with a free 5 withdrawals. ATMs were introduced as a value addition free of cost.Slowly they are charging us to withdraw our money! For some more audacious practices followed by banks please read my blogs filed under Banks.
ATM fees were not originally passed on to bank customers, but banks have transformed convenience fees into big business. Here’s a look at how the ATM machines and networks have become sophisticated money makers for banks and how you can avoid contributing your hard-earned money to this $2 billion per year segment of the banking industry.
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